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It is http://www.ato.gov.au/individuals/content.asp?doc=/content/00096828.htm&page=8

It is nothing to do with the 'name' of the loan. It is your INTENTION to earn an income from it or otherwise that determines the interest deductibility Your uncle is incorrect if he believes this. This subject ( interest on vacant land etc) has been right to the High Court and "done to death"...